(Answered) Question - the following items are taken from the financial

Accounting

Question - The following items are taken from the financial statements of Grove Company for 2010:

Accounts Payable $ 18,500

Accounts Receivable 4,000

Accumulated Depreciation 4,800

Bonds Payable 18,000

Cash 24,000

Common Stock 25,000

Cost of Goods Sold 13,000

Depreciation Expense 4,800

Dividends 5,300

Equipment 48,000

Interest Expense 2,500

Patents 7,500

Retained Earnings, January 1 16,000

Salaries Expense 5,200

Sales Revenue 36,500

Supplies 4,500

Instructions - Prepare an income statement and a retained earnings statement for Grove Company.

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